Coronation Asset Management Raises Stake in MTN Group to 5%

Coronation Asset Management has increased its beneficial interest in MTN Group to 5%, crossing the disclosure threshold for a significant shareholding in the telecoms group. The notification was given to MTN on September 17th, and the disclosure was subsequently published on the JSE’s Stock Exchange News Service (SENS) on September 21st. Coronation Asset Management is a South African investment manager and is part of Coronation Fund Managers.

The move occurs while MTN Group is Africa’s biggest mobile network operator and continues to reshape its balance sheet. The group's major disclosed institutional shareholders include the Public Investment Corporation, which holds about 20% of the telecoms group.